Gasoline and oil prices today (May 22): Domestic gasoline and oil prices increase and decrease in opposite directions? - Lang Son Newspaper and Radio and Television Station

World oil prices

At the end of the trading session on May 21, oil prices continued to decline after information from the Foreign Minister of Oman said that the 5th round of nuclear negotiations between Iran and the US will take place on May 23.

Brent crude fell 47 cents, or 0.7%, to $64.91 a barrel. WTI crude fell 46 cents, or 0.7%, to $61.57 a barrel.

During the trading session on May 21, oil prices increased and decreased according to news related to Iran. Illustration photo: Reuters

Four previous rounds of talks aimed at curbing Iran’s nuclear program in exchange for sanctions relief have been fraught with obstacles, with Tehran refusing to ship its entire stockpile of highly enriched uranium abroad or discuss its ballistic missile program, Reuters reported.

Oil prices gave up early gains supported by a CNN report that Israel was preparing to attack Iran's nuclear facilities, but said it was unclear whether Israeli leaders had made a final decision.

Iran is the third largest oil producer in OPEC. Therefore, an Israeli attack on Iran could disrupt the flow of oil from that country.

There are still concerns that Iran could retaliate by blocking the flow of oil tankers through the Strait of Hormuz, where Saudi Arabia, Kuwait, Iraq and the United Arab Emirates export crude and fuel.

“If tensions escalate, we could see a temporary shift in trade or a supply hit of around 500,000 barrels per day – something OPEC+ could offset fairly quickly,” said Rystad Energy analyst Priya Walia.

Regarding supply, also according to Reuters, Kazakhstan's oil production increased by 2% in May, despite pressure from OPEC+ to reduce production.

Oil prices continue to fluctuate unpredictably. Illustration: Oilprice

The decline in oil prices during the session was also affected by the unexpected increase in US gasoline, oil and distillate inventories. Data from the US Energy Information Administration showed that in the week ending May 16, US oil inventories increased by 1.3 million barrels, gasoline inventories increased by about 800,000 barrels and distillate inventories increased by about 600,000 barrels.

Data from the American Petroleum Institute earlier in the day showed that US crude inventories rose by 2.499 million barrels, while gasoline inventories and distillate inventories fell by 3.238 million barrels and 1.401 million barrels, respectively.

Domestic gasoline prices

Domestic retail prices of gasoline on May 22 are as follows:

E5 RON 92 gasoline is not more than 19,180 VND/liter.

RON 95-III gasoline is not more than 19,594 VND/liter.

Diesel oil not more than 17,228 VND/liter.

Kerosene not more than 17,226 VND/liter.

Fuel oil not exceeding 16,160 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session this afternoon (May 22). Because the world price of gasoline and oil increased last week but decreased in recent trading sessions, it is likely that domestic gasoline and oil prices will also be slightly adjusted. It is forecasted that gasoline prices will increase by about 100-200 VND/liter; oil prices, especially diesel, will decrease by about 150-250 VND/liter.

In the most recent adjustment, the price of E5 RON 92 gasoline increased by 403 VND/liter, RON 95-III gasoline increased by 415 VND/liter, diesel increased by 419 VND/liter, kerosene increased by 285 VND/liter and fuel oil increased by 627 VND/kg.

Since the beginning of the year, domestic gasoline prices have undergone 20 adjustment sessions with 9 sessions of decrease, 8 sessions of increase and 3 sessions of opposite direction.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-22-5-xang-dau-trong-nuoc-tang-giam-trai-chieu-5047785.html